Want to implement successful strategies in 2021?
This article is for you.
This article will mention ten steps to help you create the best social media competitive analysis in 2021.
First, what is a social media competitive analysis?
A competitive analysis sees a company’s strengths and vulnerabilities. With this analysis, you will be able to determine where your social media strategy stands and what you could do to get more visible out there.
It is a way to spy on your competitors’ actions and results to understand their power points:
- What formats they use in their content.
- How many people comment on their posts, discover their most popular posts.
- How long or short are the captions and more.
The goal is to understand your competition’s strong points and see what you can learn from their actions.
Here are ten steps that will help you create a competitive analysis in 2021.
1. Identify your top competitors
Before you conduct a social media competitive analysis, you must identify your competitors, those brands selling the same products or services as you do.
Because if you are a clothing store, you can’t compare your content strategy with a restaurant’s strategy.
2. Define the competitive goals and KPIs
You should know that digging through data without a purpose generates confusion and a loss of time.
Ask yourself what you want to find out with this analysis. Maybe you want to:
- Improve your social media presence
- Optimize paid social media
- Improve organic reach
After you have the answer to these questions, you are ready to start your analysis.
3. Choose the social networks you want to monitor
You never know where your audience might be, so after finding your competitors, search for their social media profiles.
4. Follow how performance on social networks grows over time
After you find their social networks, try to find more:
- How many followers they have
- What is the average number of post they publish per day/week/month?
- What type of content do they share?
- Do they run ads?
If you don’t have much time, you can always use an analytics tool to see you all these metrics in just a few minutes.
5. Check out their content strategy
Find out what type of content do your competitors post?
Is it text, photos, links or videos?
Pay attention to:
6. Check out their engagement metrics
As I said earlier, you should see how many posts your competitors publish, the number of likes, how they respond to comments, etc.
To be able to find out these stats, you should check metrics like:
- Post engagement and engagement rate
- Boosted posts engagement
- Engagement evolution (day to day or month to month)
- Post types ranked by engagement
- Likes, Comments, Shares
7. Understand how people engage with their content
This is related to the number 6. Note how many likes, comments, shares or retweets each post gets.
8. See when people are active on social networks
Posting content is essential, but posting content whenever you want is not the key to success. You should know when your audience is online and keep in mind those hours.
9. Understand their paid media campaigns
Scan your competitor’s social pages and look for any sponsored ads on each platform individually.
10. Use proper tools for social media competitive analysis
The essential information here is that you should find the right tool that offers all the relevant metrics to you and cover all the social platforms on which your brand is present.
To better understand how to create a social media competitive analysis in 2021 – take a look at this infographic.